Rental Incentive Program

Overview of the Rental Incentive Program program:

The Rental Incentive Assistance program on Prince Edward Island plays a pivotal role in supporting local businesses by offering crucial financial aid for rental expenses. This assistance is not only aimed at facilitating the establishment of new businesses but also at fostering the growth and expansion of existing enterprises within the province. By providing financial relief in the form of rental cost coverage, this program empowers entrepreneurs and business owners to invest in their ventures, create job opportunities, and bolster economic development on the island. Whether it's helping startups take their first steps or assisting established companies in expanding their production capacities, the Rental Incentive Assistance program serves as a catalyst for fostering a thriving business ecosystem on Prince Edward Island.

Benefits of the Rental Incentive Program program:

• What activities and costs are supported?
• An eligible business may access the Rental Incentive Assistance for eligible rental costs related to:
• Cost of leasing additional space in any community in the province of Prince Edward Island; or
• Cost of leased space (based on availability) in a PEI business park (500 up to a maximum of 10,000 square feet):
• Lease term up to five (5) years; and
• Base rate of $6.00 per square foot (excluding common area costs such as utilities, taxes, inside maintenance, etc.).

Eligibility criteria of the Rental Incentive Program program:

• To be an eligible applicant, a business must be located in Prince Edward Island and:
• Be registered to conduct business and actively operating on Prince Edward Island;
• Manufactures, processes, or develops goods or services primarily for export;
• Operates within one of these strategic sectors:
• Bioscience
• Aerospace and defence
• Advanced manufacturing and processing
• Renewable energy and clean technology
• Information and communications technology
• Creative and cultural industries
• First-of-its-kind exportable goods or services in other sectors may be considered.
• A business that has a defaulted outstanding debt obligation on file in the Provinces Central Default Registry is not eligible for Innovation PEI assistance.